SPP Raises $1.74 Million
Brisbane, Dec 11, 2015 AEST (ABN Newswire) - Central Petroleum Limited (
ASX:CTP) (CPTLF:OTCMKTS) ("Company" or "Central") today issued 9.17 million shares to existing shareholders who elected to participate in the recent Share Purchase Plan ("SPP") which closed on 4 December 2015. This completes the capital raising which begin with a placement to institutional investors of 55 million shares and raising $10.5 million. The total gross amount raised is therefore $12.24 million.
"My promise at the last two AGMs that the next capital raising by Central would allow our retail shareholders a chance to participate was the reason the SPP was announced. It is pleasing to note that over 250 of our shareholders choose to participate in the SPP. With the Northern Gas Pipeline (NGP) announced as a firm project, Central can now focus on certifying reserves and supplying gas into the critically short east coast market. This capital raising, combined with the our existing cash balance allows Central to target a Q1 2016 gas sales agreement and enable the company to meet all of its anticipated capital needs through to first revenue from the sale of gas through the NGP in 2018", said Richard Cottee, Managing Director of Central Petroleum Limited.
About Central Petroleum Limited
Central Petroleum Limited (
ASX:CTP) is a well-established, and emerging ASX-listed Australian oil and gas producer. In our short history, Central has grown to become the largest onshore gas producer in the Northern Territory (NT), supplying industrial customers and senior gas distributors in NT and the wider Australian east coast market.
Central is positioned to become a significant domestic energy supplier, with exploration and development plans across 180,000 km2 of tenements in Queensland and the Northern Territory, including some of Australia's largest known onshore conventional gas prospects. Central has also completed an MoU with Australian Gas Infrastructure Group (AGIG) to progress the proposed Amadeus to Moomba Gas Pipeline to a Final Investment Decision.
We are also seeking to develop the Range gas project, a new gas field located among proven CSG fields in the Surat Basin, Queensland with 135 PJ (net to Central) of development-pending 2C contingent resource.
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